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Bulgaria will cut VAT to 16 per cent by the end of this Government's term - FinMin

Mon, Oct 19 2009 09:59 CET

byDnevnik.bg

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Bulgaria will cut VAT to 16 per cent by the end of this Government's term - FinMin

Simeon Dyankov, Finance Minister and Deputy Prime Minister.

Photo: Георги Кожухаров

Value-Added Tax (VAT) in Bulgaria should be slashed from 20 per cent to 16 per cent by the end of the term of Prime Minister Boiko Borissov's Government, Finance Minister Simeon Dyankov said on October 17 2009.

The measure proposed by the Cabinet dominated by Borissov's right-of-centre political party GERB, which swept into power after the July 5 2009 parliamentary elections, has been long pursued by the Union of Democratic Forces (UDF) and Democrats for Strong Bulgaria (DSB).

Speaking at a Bulgarian Medical Association (BMA) event, Dyankov said that the Government would not introduce differentiated VAT rates for medical equipment and medication, as such a move would trigger an avalanche of requests for lower VAT for children's literature, children’s clothing and other goods and services.
 
Source: Dnevnik.bg

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Comments

AnonymousGanry90Fri, Oct 23 2009 04:38 CET

This comment has been removed by the moderator because it contained off-topic content

Anonymous Expat Mon, Oct 19 2009 18:58 CET
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Dear blighty
maybe you can elaborate why VAT cut will increase imports?
corporations import within EU anyway VAT free.
the more important "side" effect I can see is that reducing VAT from 20 to 16% (which is a 20% decrease) will result in lower tax income for the state (where VAT represents the majority of taxes paid). this will again result in more deficit and cost cutting (again no increases for public servants and pensions) etc. the result is a downward spiral. the idea of Dyankov may be that with lower VAT more goods [...]

 Read the full comment are sold which will benefit for the economy is a conclusion which might not pay off....

Anonymous blighty Mon, Oct 19 2009 11:51 CET
Report Comment

Why reduce VAT to 16% ? Such a reduction will only encourage imports and Bulgaria already has a serious imbalance on imports and exports.


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